Rogers Communication, Inc. (NYSE:RCI – Get Free Report) (TSE:RCI.B) crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $36.84 and traded as low as $35.91. Rogers Communication shares last traded at $36.0450, with a volume of 1,187,588 shares changing hands.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on RCI shares. Wall Street Zen cut shares of Rogers Communication from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Scotiabank upgraded shares of Rogers Communication from a “hold” rating to an “outperform” rating in a research note on Thursday, April 23rd. TD Cowen reiterated a “buy” rating on shares of Rogers Communication in a research note on Friday, January 30th. TD Securities downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Finally, Desjardins restated a “hold” rating on shares of Rogers Communication in a research report on Thursday, April 23rd. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $36.00.
Read Our Latest Report on Rogers Communication
Rogers Communication Stock Performance
Rogers Communication (NYSE:RCI – Get Free Report) (TSE:RCI.B) last posted its earnings results on Wednesday, April 22nd. The Wireless communications provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.01. Rogers Communication had a net margin of 32.00% and a return on equity of 12.11%. The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the previous year, the firm posted $0.99 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Rogers Communication, Inc. will post 3.55 earnings per share for the current fiscal year.
Rogers Communication Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Stockholders of record on Tuesday, June 9th will be issued a $0.50 dividend. The ex-dividend date is Tuesday, June 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.7%. Rogers Communication’s payout ratio is 15.51%.
Institutional Trading of Rogers Communication
A number of large investors have recently made changes to their positions in RCI. Fiera Capital Corp increased its holdings in shares of Rogers Communication by 8,881.3% in the 4th quarter. Fiera Capital Corp now owns 7,196,876 shares of the Wireless communications provider’s stock worth $271,751,000 after buying an additional 7,116,744 shares during the last quarter. Morgan Stanley boosted its position in Rogers Communication by 138.0% in the 4th quarter. Morgan Stanley now owns 5,080,341 shares of the Wireless communications provider’s stock valued at $191,681,000 after buying an additional 2,945,885 shares during the period. Bank of America Corp DE boosted its position in Rogers Communication by 67.8% in the 3rd quarter. Bank of America Corp DE now owns 4,866,999 shares of the Wireless communications provider’s stock valued at $167,765,000 after buying an additional 1,966,476 shares during the period. CIBC Asset Management Inc lifted its position in shares of Rogers Communication by 261.2% in the 3rd quarter. CIBC Asset Management Inc now owns 2,102,076 shares of the Wireless communications provider’s stock worth $72,280,000 after purchasing an additional 1,520,062 shares during the period. Finally, Caisse de depot et placement du Quebec purchased a new stake in shares of Rogers Communication in the 3rd quarter worth approximately $47,082,000. 45.49% of the stock is currently owned by institutional investors.
About Rogers Communication
Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.
In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.
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